Comparative and Absolute Value

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» Comparative and Absolute Value

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Jun 11, 2007, 01:01 PM

dianepierce

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Join Date: Jun 2007

Posts: 1

Comparative and Absolute Value

Assume the following output and labor hours for Russia and Germany in producing Wheat and Cloths

Russia Wheat 3 Cloths 6 Labor Hours 100
Germany Wheat 2 Cloths 2 Labor Hours 50

a. Which country has the comparative advantage in wheat?
b. Which country has the comparative advantage in cloths?
c. Which country has the absolute advantage in wheat?
d. Which country has the absolute advantage in cloths?
e. Which good will Russia specialize in?
f. Which good will Germany specialize in?
g. Give the most obvious terms of trade.

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